Developers plan apartments near Little Havana after $3M land buy

Miami /
Jun.June 17, 2016 03:00 PM

Two Miami developers just paid $3.33 million for a development site west of Little Havana, and are now seeking approvals to build a new apartment complex.

Sergio Concepcion and Carlos Luis just closed on their purchase of an assemblage of commercial parcels at 61 Northwest 37th Avenue, altogether covering about 39,140 square feet of land.

The parcels are currently occupied by two buildings: a vacant 4,750-square-foot restaurant, formerly the home of Big Louie’s, and a small 1,300-square-foot office building.

Brokerage Marcus & Millichap announced the deal Friday. Agents Dave Heaslip and Alex Zylberglait represented the sellers, Dr. Stuart Miller and Celina Alvarez.

The two run SeaView Research, a pharmacology research and laboratory services company based in Miami. Through Dougup Properties LLC, a company they manage, the two paid a combined $2.6 million to assemble the parcels between 2010 and 2011.

On the other end of the deal, Jonathan De La Rosa of Marcus & Millichap brought buyers Concepcion and Luis to the table.

De La Rosa said the land has zoning for 110 residential units in an eight-story building, or about 165,000 square feet of new development. Concepcion and Luis have begun seeking approvals for a rental project maxing out that zoning, though further details are not yet available.

“They believe the market there is sustainable for rental units,” De La Rosa told The Real Deal. “The area there is progressing tremendously.”


Related Articles

arrow_forward_ios
A photo illustration of 590 West Flagler Street (Getty, Google Maps)
Rental Asset Management pays $31M for Little Havana apartments
Rental Asset Management pays $31M for Little Havana apartments
A photo illustration of Icon on 8's planned short-term rental hotel along with the current site at 930-950 Southwest 8th Street in Little Havana (Getty Images, Icon on 8, Google Maps)
LA developer plans Little Havana short-term rental hotel
LA developer plans Little Havana short-term rental hotel
Terra Group's David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)
Terra’s CentroCity Little Havana project nets $230M in financing
Terra’s CentroCity Little Havana project nets $230M in financing
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Habitat Group's Santiago Vanegas with 39 Northwest Seventh Avenue in Little Havana (Habitat Group, Google Maps)
Habitat Group sells Little Havana apartments to LA investors for $15M
Habitat Group sells Little Havana apartments to LA investors for $15M
Lloyd Jones Chairman and CEO Christopher Finlay and First Apartments at 701 Southwest First Street in Little Havana (Lloyd Jones, Premium Development)
Lloyd Jones drops $92M for Little Havana apartments
Lloyd Jones drops $92M for Little Havana apartments
From left: 2900 Northwest 7th Street, 1250 Southwest 6th Street, and 718 Northwest First Street (LoopNet, Apartments.com, iStock)
Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M
Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M
35 Southwest Sixth Avenue (Google Maps, iStock) Miami
Rental Asset Management buys Little Havana apartments for $30M
Rental Asset Management buys Little Havana apartments for $30M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...